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Updated Madoff Investor List

By Mark H. Astarita, Esq.

There is stil a lot of double counting in the list, but the WSJ has updated it. And, they are calculating damages from the high point, not the amount of money originally invested.I am not saying that is wrong, but it is. If you invested $500,000, and Madoff told you in account statements that there was 2 million dollars in your account, and now there is zero, you lost two million dollars. However, legally, you lost $500,000 plus interest or a reasonable rate of return.Not that it makes a difference to the investor, since he still feels a 2 million dollar loss, but it will make a difference to the courts, and arbitration panels, and SIPC.

Full post as published by SECLaw.com on January 02, 2009 (boomark / email).